Starting Tuesday, Twitter will ban all cryptocurrency ads from its platform.
The ban will include the advertising of Initial Coin Offerings (ICOs) and token sales.
It will also ban wallets and exchange services, with the exception of those provided by public companies listed on specific stock markets.
In Japan, it will only show advertisements from companies approved by the national financial regulator.
“With the increasing number of ICOs coming to market, it is an impossible task for anyone, much less platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds,” Zennon Kapron, director of the financial consultancy Kapronasia, told Reuters.
“Although certainly ICO advertising must have been a significant source of revenue for Twitter, the repercussions of fraudulent activities just weren’t worth the risk.”
The value of Bitcoin, Ethereum and Ripple has decreased this year following a move by regulators to gain control of the sector.
Several new cryptocurrency-integrated dating apps, including Hicky and Viola.AI, will be impacted by the ban.
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